Second, they say the merchants will never pass along to consumers the savings of swipe-fee reform. That specious argument effectively translates to: “We’ve been doing such a good job ripping off consumers, we can’t let someone else do it!”
You would think the law of competition had been repealed. It hasn’t. The reality for merchants is one of brutal and relentless competition. If they can lower prices for consumers because swipe fees are finally under control, they will do so. The competitive marketplace gives them no choice.
It’s time to call the Senate’s Debit Interchange Study Fee Act what it is — a diversionary tactic that allows huge banks to maintain an unbalanced and unfair profit center at the expense of small businesses that are the lifeblood of communities in Vermont and throughout the country.
Let’s not let high-dollar messaging campaigns obscure the facts. And let’s not fall for the old yarn that “delay” is a good thing. It’s not.
Rep. Peter Welch (D-Vt.) serves on the Oversight and Government Reform and Agriculture committees.